KYLE, TEXAS — Extended Stay America has opened a 124-room hotel in Kyle, located roughly midway between Austin and San Antonio. Extended Stay will operate the hotel under its Premier Suites brand. Houston-based Provident Realty Advisors developed the four-story hotel, which offers complimentary breakfast, onsite guest laundry services, a 24-hour fitness room and additional vending options in the lobby.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.
NEW YORK CITY — Affinius Capital has provided a $120 million loan for the refinancing of the Prime NYC Self-Storage Portfolio, a collection of three self-storage facilities totaling 7,230 units in New York City. The names and addresses of the properties, which exclusively offer climate-controlled space, were not disclosed, but the locations span Brooklyn, Queens and The Bronx. Drew Anderman of CBRE arranged the loan through Affinius Capital on behalf of the owner, Prime Group Holdings. Miami-based lender 3650 Capital provided an undisclosed amount of junior mezzanine financing for the deal.
NORTH PROVIDENCE, R.I. — CBRE has negotiated the sale of Residences at Brentwood, a 240-unit apartment complex in North Providence. Built in 1987, the property offers one- and two-bedroom units with an average size of 692 square feet. Amenities include an indoor and outdoor pool, fitness center and a clubhouse. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Massachusetts-based Taymil Partners, in the transaction. The buyer was FPA Multifamily.
MONTVALE, N.J. — Cushman & Wakefield has brokered the $5.7 million sale of a 29,898-square-foot office building in the Northern New Jersey community of Montvale. The single-tenant building at 20 Craig Road was fully leased at the time of sale to JURA Inc., a Swiss company that makes coffee machines. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Mountain Development Corp., in the transaction. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged the acquisition financing on behalf of the buyer, Fortune Touch LLC.
NEW YORK CITY — Tutor Perini Corp. has signed a 27,990-square-foot, six-year office lease in Midtown Manhattan. The general contractor will occupy part of the eighth floor at 520 Eighth Avenue and the entire ninth floor at 266 West 27th Street, two interconnected buildings that share a lobby. Matthew Mandell of GFP Real Estate represented the landlord in the lease negotiations on an internal basis.
FOLSOM, CALIF. — Northmarq has provided a $53.7 million Fannie Mae loan for the refinancing of Fairmont at Willow Creek, a garden-style apartment community in Folsom. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao of Northmarq originated the financing for the borrower, CWS Capital Partners. The transaction was structured with a five-year term and full-term interest-only payments. The loan features a 70 percent loan-to-value ratio and a 35-year amortization for sizing purposes. Located at 200 S. Lexington Drive, Fairmont at Willow Creek features 260 one- and two-bedroom apartments with custom kitchens, in-unit washers/dryers and private patios or balconies. Community amenities include a clubhouse, swimming pool, spa, fitness center and dog park.
WEST VALLEY CITY, UTAH AND ENGLEWOOD, COLO. — Westcore has completed the disposition of The Raceway Commerce Center in West Valley City and Potomac Park I & II in Englewood to a partnership between Hyde Development and Mortenson Properties for an undisclosed price. Jeff Chiate, Will Strong, Michael Matchett, Phillip Eilers and John Schreck of Cushman & Wakefield, along with Joe Cesta, Tyler Carner and Jeremy Ballenger of CBRE, represented the seller and procured the buyer in the transaction. The properties are part of the National Core Industrial Portfolio, a multi-state portfolio totaling 2.4 million square feet across eight assets in six states. Located at 6057 W. SR-201 Frontage Road and 2234 S. 5900 West in West Valley City, The Raceway Commerce Center offers 397,894 square feet of industrial space with a clear height of 32 feet, expansive truck courts and LED lighting. Located at 7955 and 7901 S. Potomac St. in Englewood, Potomac Park I & II offer 28-foot to 30-foot clear heights, dock-high and drive-in loading and ESFR fire sprinklers.
LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles. John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager. The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease. Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage. In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project.
LAS VEGAS — RA Centers has arranged $20 million in financing for Cheyenne Point Plaza, a 111,809-square-foot neighborhood center located in Las Vegas. Mariana’s Supermarkets anchors the center, which is fully leased. Other tenants include Dollar General, Intermountain Healthcare, Taco Bell, Panda Express and Subway. Raymond Arjmand and Nader Arjmand of RA secured the financing through JP Morgan.